Crypto expert Justin Bieber buys NFT for 1.3 MM

[Pekelo]

Madonna, Brady, Curry, all crypto experts. As I said, peak stupidity...

I want a blue monkey with pink background. I estimated the electricity cost while I saved the jpeg to be 0.0001 SHIB, so that is in pennies, like 0.00000001 penny. A Spetosny I would call that.

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For interested parties, I still have the offer of my stool. 5K per piece and price will increase as I get older. Only 1.3 produced daily. I estimate only 8K-10K will be made in my lifetime, much less if I die unexpectedly early. In that case the value of existing saved excrements will increase exponentially!

So John, how many would you like to order? It is double bagged, on ice, in a biohazard box, shipped by Fedex. Satisfaction guaranteed!!

 

[Specterx]

Not really any stupider than paying six or seven figs for a wristwatch, a Faberge egg, a rare wine, etc.

But the high-end luxury collectibles markets are small for a reason.

 

[sammybea]

Athletes and musicians earn a lot of money and have the freedom to take on risk. But they will never have true wealth like the Steve Cohen's of the world who know how to actually capitalize on risk.

 

[Pekelo]

for a wristwatch, a Faberge egg, a rare wine, etc.

All those things are tangible and have some use. I know I don't wear a watch, but it actually shows the time and can be a status symbol. Are they going to print the NFTs on their T-shirt?

 

[Pekelo]

freedom to take on risk.

Sure, but there is a huge difference between taking risks and utter stupidity. And let's say one of them sells it for double, he/she would just buy more NFTs. There is ZERO chance this will end well for the average Joes.

Celebrities, we will just laugh at them. But to see the average idiot's feelings, check out the Quadriga movie on Netflix...

 

[ElCubano]

Not really any stupider than paying six or seven figs for a wristwatch, a Faberge egg, a rare wine, etc.

But the high-end luxury collectibles markets are small for a reason.

Imagine paying $450 million for paint on a canvas. Oh wait someone actually paid that. ;o)

Most of David Geffens net worth is from him buying Paint on Canvas.

 

[Trader Curt]

Wow a semi rare blue background! OMG. What an amazing piece of artwork.
Truly a masterpiece for future generations to behold

 

[ElCubano]

Hahaha Bored Ape Man ...I'll take it How much?

 

[Scataphagos]

Perhaps NFTs are the pinnacle of the "greater fool" principle.

 

[Specterx]

All those things are tangible and have some use. I know I don't wear a watch, but it actually shows the time and can be a status symbol. Are they going to print the NFTs on their T-shirt?

It just goes to show you how much of value is both socially constructed, and in the eye of the beholder. Some of these NFTs are certainly status symbols in certain Internet circles.

However, the fact that a microscopic fraction of NFTs have become cult status symbols in certain circles doesn't say anything about their value going forward, and it doesn't say anything about the broader crypto ecosystem.